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Stockholders’ Equity (Tables)
 9 Months Ended 12 Months Ended
Sep. 30, 2023
Dec. 31, 2022
Equity [Abstract]    
Schedule of various warrants/options issued and outstanding

Number of warrants/non-plan options

 Exercise Price Weighted Average Remaining Life (Yrs)
25,000 $5.00 1.86
521,825  $3.32 8.15
78,000  $2.90 1.11
30,000  $3.32 1.11
148,005  $9.10 3.50
   

 

Number of warrants/non-plan options Exercise Price Weighted Average Remaining Life (Yrs)
559,431  $3.32 8.90
151,000  $2.90 1.86
30,000  $3.32 1.86
148,005  $9.10 4.25
888,436    
Schedule of assumptions used

 

Expected volatility     109.48% - 113.32%
Expected dividends     None
Expected term (in years)     2.5 – 5.01
Risk free rate     2.83% – 3.01%

 

The Company has computed the fair value of the 245,500 options granted during the nine months ended September 30, 2023 using the following assumptions:

 

Expected volatility    105%
Expected dividends   None
Expected term (in years)   6.0
Risk free rate    4.33%

 

       
Expected volatility     109.48% - 113.32%
Expected dividends     None
Expected term (in years)     2.5 – 5.01
Risk free rate     2.83% – 3.01%
Schedule of stock option activity

 

(in thousands except number of options and per options data)   Number of options       Weighted average exercise price       Weighted average remaining contractual term (in years)       Aggregate intrinsic value (1)  
Outstanding at beginning of period   829,500     $ 3.43       8.76       —  
Granted   245,500       4.92       —       —  
Exercised   —       —       —       —  
Forfeited   —       —       —       —  
Outstanding at end of period   1,075,000     $ 3.77       9.02     $ 567,595  
Exercisable at end of period   829,500     $ 3.43       7.51     $ 567,595  

 

  (1) The aggregate intrinsic value of options outstanding and options exercisable at beginning of period is $0, as all options are out of the money.

 

(in thousands except number of options and per options data)   Number of options       Weighted average exercise price       Weighted average remaining contractual term (in years)       Aggregate intrinsic value (1)  
Outstanding at beginning of period   —     $ —       —     $ —  
Granted   829,500       3.43       —       —  
Exercised   —       —       —       —  
Forfeited   —       —       —       —  
Outstanding at end of period   829,500     $ 3.43       8.26     $ —  
Exercisable at end of period   829,500     $ 3.43       8.26     $ —  
Schedule of common stock shares reserved for future issuance

 

         
Exercise of warrants     772,830  
Exercise of options unrelated to any Plan     30,000  
Exercise of stock options – 2021 Incentive Award Plan     1,075,000  
Exercise of restricted stock units – 2021 Incentive Award Plan     48,780  
Total shares of common stock reserved for future issuances     1,926,610  

 

      
Exercise of warrants    858,436 
Exercise of options unrelated to any Plan   30,000 
Exercise of stock options – 2021 Incentive Award Plan   829,500 
Total shares of common stock reserved for future issuances    1,717,936 

 
Share-Based Payment Arrangement, Restricted Stock Unit, Activity

 

(in thousands except number of options and per options data)   Number of restricted stock awards             Weighted average grant-date fair value
Nonvested at beginning of year   —     $       —
Granted   48,780             239,998
Vested   —             —
Forfeited   —             —
Nonvested at end of year   48,780     $       239,998